Demand - The willingness and ability to purchase a good or service at a given price in a given time period., The law of demand - For most products the quantity demanded varies inversely with its price., Movement along the demand curve - When the price changes, leading to a movement up and down the existing demand curve., Shift of the demand curve: - A complete movement of the existing demand curve either outward (to the right) or inward (to the left)., Elastic demand - When the percentage change in quantity demanded is greater than the percentage changes in price., Inelastic demand - When the percentage change in quantity demanded is less than the percentage change in price., Price elasticity of demand (PED) - The responsiveness of quantity demanded to a change in the price of the product.,

Leaderboard

Visual style

Options

Switch template

Continue editing: ?